A. If the superintendent finds that the application is complete, that the applicant has passed all required examinations and is otherwise qualified for the license applied for, the superintendent shall promptly issue, or permit the issuance of, the license.
B. If the superintendent denies an application for initial issuance or renewal of a license, the superintendent shall notify the applicant in writing and advise the applicant of the reason for the denial.
C. Within thirty days of the date of issuance of the denial of an application for initial issuance or renewal of a license, the applicant may request in writing a hearing on the denial. The hearing shall be held within thirty days and shall be held pursuant to the requirements of the Insurance Code.
D. The license of a business entity may be suspended, revoked or refused if the superintendent finds after hearing that an individual licensee's violation was known or should have been known by one or more of the partners, officers or managers acting on behalf of the partnership or corporation and the violation was neither reported to the superintendent nor corrective action taken.
History: Laws 1984, ch. 127, § 187; 2003, ch. 306, § 2; 2011, ch. 127, § 6; 2016, ch. 89, § 14.
The 2016 amendment, effective July 1, 2017, provided procedures for denying an application for license and the process for suspending, revoking or refusing an existing license; in the catchline, deleted "refusal of", and added "or refusal to issue or renew"; designated the existing language from the former section as Subsection A; in Subsection A, deleted "Otherwise, the superintendent shall refuse to issue, or to permit the issuance of, the license and shall promptly notify the applicant and the appointing insurer, employer or principal, where applicable, of the refusal and state the grounds for refusal."; and added new Subsections B, C and D.
Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2011 amendment, effective July 1, 2011, broadened the authority of the state treasurer to permit the issuance of licenses.
The 2003 amendment, effective June 20, 2003 deleted "refundability of fees" from the section heading; and deleted the Subsection A designation and deleted Subsection B that concerned refund of fees.
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